Barium
Market: Introduction
In terms of
value, the global barium market stood at US$ 2.6 Bn in
2019 and is anticipated to expand at a CAGR of ~5% during the
forecast period. The barium market is
driven by the increase in usage of barium in the glass & ceramics industry.
Major suppliers of barium and its compounds are located in Asia Pacific. China
is a production hub of barium carbonate in the region.
Major Drivers of Barium Market
Barium
carbonate is used in the removal of efflorescence, which is a crystalline or
powdery deposit of salts often visible on the surface of concrete, brick,
tiles, or natural stone surfaces. The demand for high quality,
discoloration-free bricks has been rising. Masonry units need to be covered and
left in pallets in order to minimize the risk of efflorescence throughout the
construction project. With the addition of barium carbonate, soluble sulfate
salts are bonded and undergo chemical a reaction to form insoluble barium
sulfate. This prevents efflorescence. The pattern of construction has undergone
significant changes with modernization. The demand for attractive, colored, and
smooth structures has been rising. Tiles are made of the same clay or shale as
bricks, and are formed into relatively thin sheets, tubes, or hollow blocks.
They are usually glazed and made in many colors with the addition of barium
carbonate.
Bricks
remain one of the vital building materials in construction activities in
emerging economies. The construction industry in China and India has been
expanding significantly. This is fueling the demand for bricks and flooring
tiles in these countries. In turn, this is propelling the barium carbonate
market.
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Increase in Oil & Gas
Exploration and Drilling Activities to Offer Lucrative Opportunities to Barium
Market
Around 90% of
barium sulfate (barite) is primarily used in the petroleum/oil drilling
industry. It is used as a weighting material in the formulation of drilling
mud. Barium sulfate is used to increase the hydrostatic pressure of drilling
mud, allowing it to compensate for high-pressure zones experienced during
drilling. The softness of the barite mineral prevents it from damaging drilling
tools during drilling and enables it to function as a lubricant. The global
production of oil and natural gas increased substantially from 2005 to 2017.
This has resulted in excessive drilling and exploration activities, thereby
propelling the demand for barium compounds across the globe. The demand for
clean energy fuels such as natural gas has been increasing across the globe.
Under the 2015 Paris Climate agreement, all countries, except the U.S., have
joined hands to reduce the overall average global temperature by 1.5°C and
lower carbon emission released by petrol & diesel vehicles. France and the
Netherlands are providing subsidies on natural gas vehicles (NGV) and electric
vehicles (EV). In line with this objective, France is expected to discontinue
the sale of petrol and diesel vehicles by 2040 and shift toward natural gas and
electric vehicles. Majority of countries are shifting toward the production of
natural gas vehicles to reduce air pollutants and carbon emission. This
strategy is estimated to result in a decrease in demand for crude oil in the
long term, but exponential increase in natural gas drilling activities.
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The global
demand for energy has been increasing at a rapid pace. The demand for oil and
gas exploration and drilling activities has also been rising at a significant
pace. Growth in production of oil and gas has propelled the global barium
market. Asia Pacific is anticipated to dominate the global barium market during
the forecast period, led by the rise in production of natural gas in the
region, primarily in China.
Decline in Demand for Barium
Carbonate to Hamper Global Market
CRT or
cathode ray tubes are the largest components of older monitors and televisions.
They are responsible for generating and displaying video images. CRTs are
primarily made of glass, which is made of barium carbonate. The introduction of
LED televisions has led to a decrease in the production of CRTs. Since the late
2000s, CRTs have been largely superseded by newer flat panel display
technologies such as LCD, plasma display, and OLED displays. Various renowned
television manufacturers have stopped making their own CRT-based sets. The
consumption of CRT devices is expected to decrease in the near future with the
transition toward flat-panel monitors and television technologies.
Approximately 85% of the
remaining CRT devices are projected to reach end-of-life by 2025. The demand
for barium carbonate is anticipated to decline with the decrease in demand for
CRT.
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Asia Pacific Dominates Barium
Market
China is
the key producer of barium compounds in Asia Pacific. Several manufacturers are
engaged in the production of barium compounds that can be used in glass and
ceramics. In most countries of Asia Pacific such as China, India, and countries
of ASEAN, governments have taken initiatives for new building and construction
projects. The rise in investments in the construction industry is anticipated
to fuel the demand for barium compounds in the region in the near future.
Barium compounds are primarily used in glass & ceramics and bricks &
tiles for the removal of unwanted salts. Unlike developed regions such as
Europe and North America, Asia Pacific witnesses significant demand for barium
compounds for usage in the production of CRT glass. This can be ascribed to the
presence of significant middle-class population in the region.
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Fragmented Nature of Barium Market
The barium
industry is fragmented, with tier-1 companies constituting to 30%
to 40% share of the global barium market in 2019.
Companies operating in the barium market are investing to expand their product
portfolios as well as distribution networks. They have adopted strategies such
as mergers & acquisitions, development of new products, joint ventures, and
expansions to meet the increasing demand for coatings. Tier-2 companies
operating in the barium market companies include regional players with strong
foothold in the local market and unorganized players that are primarily
established in China and India. The unorganized sector consists of small-scale
manufacturers of barium. Large numbers of small-scale manufacturers operate in
every region. They primarily import barium from China and distribute it across
the country.
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